Following the government’s focus on the country’s real estate sector, we can see it moving in the direction of reaching the sector’s true potential.
The property market of any country is the key to its development and people consider the real estate sector as the most ideal avenue to increase their capital in a short period of time. This avenue is important not only for the people of that country but also for the immigrants who want to invest here.
An investment guide for overseas Pakistanis
Today’s article is an investment guide for overseas Pakistanis. Interestingly, it can also be used by the residents as the property, its ownership and the satisfaction of being certified is very important for everyone.
Overseas Pakistani, our biggest asset
Those who keep an eye on the political canvas of the country are well aware that our politicians repeat day after day that Overseas Pakistanis are our greatest asset. This segment, which generated more than 30 billion in revenue last year, is often seen complaining of fraud and deception in the domestic property market.
According to conservative statistics, every sixth of overseas Pakistani has faced some problem related to real estate transactions and 46% of real estate court cases are related to overseas Pakistanis.
These are the overseas Pakistanis who have been scouring the country for years in an effort to use their savings to provide a decent place to live for their families. Taking advantage of this, there are many housing societies that have their own section, especially for Overseas Pakistanis. However, it is unfortunate that due to being overseas Pakistanis, since these people cannot come to Pakistan regularly and their families here cannot keep an eye on such matters for various reasons, usually their plots are occupied by the mafia. Become a favorite destination of immigrants and immigrants have to go to court year after year to reclaim their property.
How to verify project ownership?
First of all, it is important to verify the ownership of any property before investing in it. Due to the laws and regulations for the real estate sector in Pakistan, the property market here has always been clouded by misguided business practices and lies. Experts say that investing in a real estate project that does not meet the formulas of ownership, approval, demand and delivery is tantamount to self-harm.
Before investing, be sure to verify the market reputation of the developer of the project, its track record in the past, whether it delivers its projects on time, or whether deadlines are met. If the answers to these questions are yes, you can move on to the next step.
What documents are important for real estate investment?
Before purchasing a property in Pakistan, you need some necessary documents including your passport, copy of Nicop card, six passport size photographs, Pakistan Departure Stamp, International Entrance Stamp and Passport size photographs of family members. However, it is important to verify that the project you are going to invest in has the NOCs of the relevant legal entities. Any housing project or commercial project located in Pakistan needs about 14 NOCs. It is your responsibility to figure out what that is and to make it happen.
How to view the market demand for property?
It is also important to look at the market demand before investing in any property. You need to see if there is an increase in demand where you are investing, whether there is a possibility of an increase in land prices or a decrease for some reason.
One of the things that play a major role in property demand is the location of the property. This is a factor that real estate experts believe you can compromise on everything else but not compromise on location because that is the secret of the future of the property and the profitability of the investment.
It is also important to look at the last word of our formula, delivery of any project i.e you have to confirm whether the delivery date of the project is compatible with your lifestyle and living needs and which developer has given you a specific. Promising delivery date whether he has delivered his projects on time in the past or not.
Proprietary Property Verification System for Overseas Pakistanis
It is also vital to mention the Emirates, a subsidiary of the Emirates Group, property verification system for Overseas Pakistanis.